CIT

Thain Working His Magic at CIT

Edmundo Braverman's picture
by Edmundo Braverman User's RSS Feed Certified User (Senior Neanderthal, 4292 Banana Points Points) on 8/2/10 at 3:40am
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Love him or hate him, John Thain is working wonders over at CIT. The man who was simultaneously voted best CEO of 2008 by Clusterstock and worst CEO of 2008 by Fortune seems to be turning things around at the embattled lender. The company just posted its second consecutive quarter of profitability and the stock is up 40% for the year.

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"We improved our funding flexibility, repaid higher cost debt, streamlined our portfolio and largely completed the build- out of our senior management team," Thain said in the statement.

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Thain Goes Back to Work

Edmundo Braverman's picture
by Edmundo Braverman User's RSS Feed Certified User (Senior Neanderthal, 4292 Banana Points Points) on 2/8/10 at 3:14am
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It was only a matter of time before Clusterstock's 2008 CEO of the Year John Thain emerged from his self-imposed exile and went back to work. In true Thain style, he chose a company with the potential to restore him to rock star status.

Thain is joining embattled commercial lender CIT Group as Chairman and CEO, effective immediately. No word on whether the company has begun its search for antique commodes and priceless area rugs yet.

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"John is a well respected financial services executive and proven leader who is uniquely qualified to lead CIT at this critical stage," said CIT lead director John Ryan in a statement. "We have the utmost confidence in John and are pleased to welcome him to CIT."

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CIT Group 2nd Round Interview

apache22's picture
by apache22 User's RSS Feed (Senior Chimp, 25 Banana Points Points) on 10/8/08 at 5:32pm

Anybody been through the CIT superday? I'm going on Friday and I'm hoping to get some insight.

Any general comments on the firm (hours, bonus, etc.) would be helpful as well.

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